US Markets
Stocks rose on Wednesday after Federal Reserve Chair Jerome Powell gave a speech confirming investors’ assumptions that the Federal Reserve is likely to reduce the aggressive rate hikes.
- Following Wednesday’s rally, U.S. equities were up for the month of November. The Dow gained 5.7%, the S&P 500 rose 5.4%, and the Nasdaq jumped 4.4%.
- Some analysts foresee a soft landing for U.S. stocks in 2023, but l don’t believe there will be a bull run next year.
- The current 10 Year U.S. Treasury yield is set at 3.60630%
Market |
Price |
Move |
Dow Jones |
34,589.77 |
2.18% |
S&P 500 |
4,080.11 |
3.09% |
Nasdaq |
11,468.00 |
4.41% |
Russell 2000 |
1,886.58 |
2.72% |
Canadian Markets
Kevan Cowan has been appointed as the new chair of the Ontario Securities Commission (OSC).
- Cowan is already a board member and key adviser to the Ontario government on securities and capital markets.
- He was previously the CEO of the Capital Markets Authority Implementation Organization.
- He was also the president of the Toronto Stock Exchange and previously practiced corporate and securities law.
- The OSC is an independent government agency that is responsible for enforcing provincial law.
- Canada is one of the few countries with no national securities regulator equivalent to the SEC. Instead, each province is responsible for regulating securities exchanges in its own jurisdiction.
Market |
Price |
Move |
TSX |
20,200.97 |
-0.38% |
European Markets
European markets finished November in the green after rising on Wednesday.
- The Stoxx 600 gained 0.6% on Wednesday and finished the month up 6.1%.
- Household goods stocks were up 2.3% to lead markets yesterday. The only sector that finished in the red was chemicals, down 0.2%.
- New figures suggest that the EU’s inflation rate for November will be below investors’ expectations.
Market |
Price |
Move |
Euro STOXX 50 |
3,964.72 |
0.77% |
UK (FTSE 100) |
7,573.05 |
0.81% |
Germany (DAX) |
14,397.04 |
0.29% |
France (CAC 40) |
6,738.55 |
1.04% |
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Asian Markets
Stocks in Asia closed higher on Wednesday despite Chinese factory activity falling to its lowest level since April and short of investor expectations.
- Australia recorded an annual inflation rate of 6.8% in October, down from 7.3% in September. Housing, food, and transport prices rose the most.
- The Purchasing Managers Index in China was at 48 for November, which indicates that the economy contracted.
- Stocks in China continue to rise on the news that the country is boosting its vaccine strategy and could shift away from its “Zero Covid” policy.
Market |
Price |
Move |
S&P Asia 50 |
4,371.80 |
1.97% |
Japan (Nikkei 225) |
27,968.99 |
-0.21% |
South Korea (KOSPI) |
2,472.53 |
1.61% |
China (Hang Seng) |
18,597.23 |
2.16% |
India (SENSEX) |
63,099.65 |
0.67% |
Commodities
Oil prices were up on Wednesday amid signs that supply may be tightening while demand grows in China.
- Brent crude rose 2.8% and U.S. West Texas Intermediate gained 3.01%.
- Crude oil stockpiles in the U.S. declined by 13 million barrels last week, the largest one-week drop since 2019.
- U.S. oil output increased by 2.4% in September, to 12.27 million barrels per day.
Market |
Price |
Move |
Oil (NYSEARCA:OIL) |
30.37 |
1.98% |
Gold (NYSEARCA:GLD) |
164.81 |
1.28% |
Silver (NYSEARCA:SLV) |
20.43 |
1.84% |
Corn (NYSEARCA:CORN) |
26.42 |
-0.83% |
Lumber (NASDAQ:WOOD) |
74.76 |
-0.65% |
Currency Exchange Rates
The U.S. Dollar declined on Wednesday after Jerome Powell indicated that the Federal Reserve will likely ease its rate hikes.
- In November, the U.S. Dollar Index had its worst month since 2010.
- The index lost 1% on Wednesday to finish the month down 5.10%.
- The USD lost 7.39% against the Japanese Yen in November, the steepest decline since December 1998.
Market |
Price |
Move |
UK(GBP) |
£0.83 |
-0.89% |
Europe (EURO) |
€0.96 |
-0.65% |
Canada (Canadian Dollar) |
$1.34 |
-0.53% |
Japan (Yen) |
¥137.82 |
-0.67% |
Cryptocurrency
Crypto markets rose on Wednesday as Bitcoin was back over $17,000.
- So far this year, the crypto market has lost 63% in value.
- Bitcoin fell 18% in November and Ether slumped 21%.
- Kraken said it plans to cut its workforce by another 30%.
Market |
Price |
Move |
Bitcoin |
$17,180.70 |
6.01% |
Ethereum |
$1,301.69 |
7.00% |
Litecoin |
$79.45 |
4.86% |
Bitcoin Cash |
$113.55 |
3.31% |
Good trading,
Chris Svorcik
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